USDCHF extending toward highs from last week and highest level going back to May

The USDCHF is extending to new highs for the day and in the process is looking to test Friday’s post-employment run to the upside. That high on Friday reached 0.91877. The high price today is just below that level.

The price also moved away from the rising 100 and 200-hour MAs at 0.9125 and 0.90993. It would take a move below those levels to shif the bias more to the downside at least in the short term. Absent that, and the buyers are in firm control.

Looking at the daily chart below, a move above that high from Friday, would have the price at the highest level going back to May 1 when the price extended up to a high price of 0.92237. Just above that level on the daily chart below is the 50% midpoint of the move down from the 2022 high to the 2023 low. That level comes in at 0.92395. That midpoint is within a swing area between 0.9223 and 0.9244. The ceiling (see red numbered circles) should give buyers some cause for pause.

This article was written by Greg Michalowski at www.forexlive.com.